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The Nobel Memorial Prize in Economic Sciences, commonly referred to as the Nobel Prize in Economics[1] (Swedish: Nobelpriset i ekonomi), is an award for outstanding contributions to the science of economics. It is generally considered one of the most prestigious awards for that science.[2] The official name is the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Swedish: Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne). It is not one of the Nobel Prizes established by the will of Alfred Nobel in 1895, but is commonly identified with them.[2][3][4][5][6] The Prize in Economics, as it is referred to by the Nobel Foundation, was established and endowed by Sveriges Riksbank, Sweden's central bank, during 1968 on the Bank's 300th anniversary, in memory of Alfred Nobel's 1895 will.[2][7][8][9] Like the Nobel Laureates in Chemistry and Physics, Laureates in Economics are selected by the Royal Swedish Academy of Sciences, and a Prize Committee similar to the Nobel Committees are used.[10][11] It was first awarded in 1969 to the Dutch and Norwegian economists Jan Tinbergen and Ragnar Frisch, "for having developed and applied dynamic models for the analysis of economic processes."

Source: http://en.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Economic_Sciences